OTTAWA, Aug. 29, 2013 /CNW/ - Northern Shield Resources Inc. ("Northern Shield") (TSXV: NRN) is pleased to provide an update on its 100% owned Idefix PGE (platinum group element) project in northern Quebec funded under the terms of the option agreement with Impala Platinum Holdings Limited ("Impala") and, the Ikertoq Ni-Cu-PGE project in Greenland. Northern Shield has the right to earn a 50% interest in the Ikertoq property under the terms of an option agreement with Greenland Gold Resources Ltd.
Idefix, Quebec Update
Fourteen drill-holes totaling 1501 meters were completed along with surface sampling (129 sawn channel samples and 90 grab samples). A total of 951 samples of drill-core from the program have been sent for analysis.
Twelve of the fourteen holes intersected various forms of disseminated, blebby and net-textured sulphides typically dominated by pyrrhotite with lesser chalcopyrite. In general, three styles of sulphide mineralization were observed in drill core:
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The Upper Zone consists of small patches of fine-grained net-textured pyrrhotite and chalcopyrite irregularly distributed over intervals generally ranging from 5-15 meters. Sulphide content over these intervals average on the order of 1-2% with local, shorter, higher content intervals. |
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The Reef-type Zone consists of coarse-grained interstitial pyrrhotite and lesser chalcopyrite. This zone is geologically distinct, generally underlained by vari-textured gabbro(norite) including portions that are pegmatoidal. The reef-type zones are generally between 0.3 and 1.5 meters thick. Sulphide content over these core intervals varies and is up to approximately 15%. |
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The Contact Zone consists of globules and blebs of pyrrhotite 1-3 cm in diameter, with "flames" of chalcopyrite often seen emanating from the globules. The Contact Zone generally ranges from 1 to 3 meters in thickness. Sulphide globules are irregularly distributed over these intervals and may reach up to 10% locally.
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The above mentioned observations are based on visual inspection of the core and without the benefit of analysis. Assays are pending and expected in two to three weeks.
Based on last year's surface sampling, PGE mineralization at Idefix is known to be associated with relatively low concentrations of sulphides (~1-5% with a high of approximately 12%). Low concentrations of sulphides are typical for many PGE deposits such as the JM Reef at the Stillwater Complex, Montana and the Merensky Reef at the Bushveld Complex, South Africa.
"We are very optimistic about the PGE potential of Idefix and are particularly excited about the identification of reef-type sulphide mineralization that was not recognized on surface last year" says Northern Shield's President and CEO, Ian Bliss. "This style of mineralization is highly sought after and what we had been looking for at Highbank. We have multiple zones and styles of mineralization and eagerly look forward to assay results and returning to the property for further drilling."
Exploration at Idefix and in the surrounding region is being funded by Impala of South Africa under the terms of an option agreement signed in May 2012. The terms of the option and joint venture agreement allow Impala to earn a 50% interest in Idefix by making cash payments to Northern Shield totaling $300,000 over two years and incurring $3.2 million in exploration expenditures at Idefix or the surrounding area over three years, with total expenditures of $1,950,000 committed for the first two years of the agreement. The property expenditures are subject to a 10% project management fee payable to Northern Shield who is the operator of the projects.
Ikertoq, Greenland Update
Nine drill-holes totaling 2124 meters were completed along with surface sampling (73 grab samples) and regional mapping and reconnaissance. A total of 355 samples of drill-core from the program have been sent for analysis. Six of the holes were drilled on the eastern portion of Target A, two into the central portion and one at Target B to the south of Target A. (see website)
In Target A, irregularly disseminated pentlandite (nickel sulphide) was observed in dunite, peridotite and/or pyroxenite in five of the six holes in the eastern portion in lower than expected concentrations in association with trace pyrrhotite and chalcopyrite. In the two holes drilled in the western portion zones of coarser grained pyrrhotite, chalcopyrite and pentlandite were observed over intervals of 8 and 11 meters but again of overall lower concentrations than expected. Of particular interest is the PGE potential of a pegmatitic pyroxenite at the base of the intrusion with coarse disseminated blebs of pentlandite and pyrrhotite mineralization that was intersected in drill-hole IQ13-03. The drill-hole at Target B did not intersect any mafic-ultramafic rock nor mineralization.
Conductivity measurements were also taken throughout the core and no measurements were observed that would explain the VTEM conductors even where pentlandite was present and despite the VTEM anomaly being intersected as modeled. Four-holes were surveyed with down-hole electromagnetics (EM) and several lines were also surveyed across both the eastern and western portions of Target A with the same method.
"Target A has all the right parameters of a solid exploration target: the right geology, very strong airborne geophysical anomalies and the presence of pentlandite on surface and in nearly every hole. We are obviously disappointed in the lack of massive sulphide in the first phase of drilling but remain optimistic as nothing yet has been seen in drill core that explains such a strong airborne EM anomaly. We must also keep in mind that from what we see on surface, one does not necessarily need massive sulphides to get good nickel grades in these rocks. Interpretation of the down-hole and surface geophysical surveys is on-going and further exploration will be determined when all assay and geophysical results are in," says Northern Shield President and CEO, Ian Bliss. The drill and camp remain on-site at Ikertoq.
Target L was not drilled though the area was mapped and prospected. Of interest is a pyroxenite unit (perhaps related to similar rocks observed in Target A) emplaced through sulphidic sediments. Grains of pentlandite were observed in several samples from this area. No mafic-ultramafic intrusive rocks were observed directly overlying Target C though numerous other ultramafic intrusive bodies were observed within the Ikertoq Property including near VTEM Targets D and H. A layered dunite-pyroxenite intrusion was also discovered within claims acquired by Northern Shield prior to the field season.
The above mentioned observations are based on visual inspection of the core and without the benefit of analysis. Assays from Ikertoq that were expected this week are delayed due to transportation issues outside of Northern Shield's control.
Northern Shield has met the first year expenditure requirement per the option agreement with Greenland Gold Resources Ltd.
General
The exploration programs at Idefix and Ikertoq were overseen by Christine Vaillancourt, a Qualified Person under National Instrument 43-101. Samples from Greenland are being prepared by ALS Global in Sweden and then analyzed by ALS Global in Vancouver, BC, for Au, Pt and Pd by Fire Assay with ICP-AES finish and base metals by four acid digestion and ICP-AES. Samples from Quebec are being prepared by ALS Global in Val D'or, Quebec and then analyzed by ALS Global in Vancouver, BC, for Au, Pt and Pd by Fire Assay with ICP-AES finish and base metals by four acid digestion and ICP-AES.
Northern Shield will release any additional material results from all assays once received.
Northern Shield is an innovative, results-driven Canadian company focused on Platinum Group Element (PGE) and nickel-copper-(PGE) exploration in Canada and Greenland, and copper-zinc-silver exploration on its Wabassi and Storm properties in northern Ontario. Its mission is to create a successful mineral exploration company through technical excellence and efficient management, where success is measured by the identification and development of high-quality mineral exploration projects, which may ultimately be optioned, sold or developed for maximum return on investment.
Forward-Looking Statements Advisory
This news release contains statements concerning the geophysics, drilling and exploration plans, results and potential PGE and Ni-Cu-PGE and other mineralization at the Idefix and Ikertoq properties, geological, geophysical and/or geometrical analyses of the Idefix and Ikertoq properties and comparisons of the Idefix property to other known PGE deposits, and other expectations, plans, goals, objectives, assumptions, information or statements about future events, conditions, results of exploration or performance that may constitute forward-looking statements or information under applicable securities legislation. Such forward-looking statements or information are based on a number of assumptions, which may prove to be incorrect.
Although Northern Shield believes that the expectations reflected in such forward-looking statements or information are reasonable, undue reliance should not be placed on forward-looking statements because Northern Shield can give no assurance that such expectations will prove to be correct. Forward-looking statements or information are based on current expectations, estimates and projections that involve a number of risks and uncertainties which could cause actual results to differ materially from those anticipated by Northern Shield and described in the forward-looking statements or information. These risks and uncertainties include, but are not limited to, risks associated with geological, geometrical and geophysical interpretation and analysis, the ability of Northern Shield to obtain financing, equipment, supplies and qualified personnel necessary to carry on exploration and the general risks and uncertainties involved in mineral exploration and analysis.
The forward-looking statements or information contained in this news release are made as of the date hereof and Northern Shield undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE Northern Shield Resources Inc.
For further information:
For further information on Northern Shield and its properties, please visit our website at www.northern-shield.com or contact:
Northern Shield Resources Inc.
Ian Bliss
President and CEO
Tel.: (613) 232-0459
Fax: (613) 232-0760
info@northern-shield.com
Renmark Financial Communications Inc.
Barry Mire: bmire@renmarkfinancial.com
Nadia Marks:nmarks@renmarkfinancial.com
Tel.: (514) 939-3989 or (416) 644-2020
www.renmarkfinancial.com
